Wentworth Resources Limited : Q2 2015 Financial Statements and MD&A
(Thomson Reuters ONE) -
PRESS RELEASE
13 August 2015
Wentworth Resources Limited
("Wentworth" or the "Company")
Q2 2015 Financial Statements and MD&A
Wentworth Resources Limited, the Oslo Stock Exchange (OSE: WRL) and AIM (AIM:
WRL) listed independent, East Africa-focused oil & gas company, today announces
its results for the second quarter and six months ended 30 June 2015.
The following should be read in conjunction with the Q2 2015 Management
Discussion and Analysis and Financial Statements which are available on the
Company's updated website at http://www.wentworthresources.com.
Q2 2015 HIGHLIGHTS
Corporate
* Continued working with our Mnazi Bay joint venture partners and the gas
purchaser, Tanzania Petroleum Development Corporation, to finalise payment
guarantee documentation in support of the Gas Sales Agreement ("GSA") for
natural gas deliveries to the new government owned pipeline. Discussions are
at an advanced stage with delivery of first gas on schedule for Q3 2015, in
line with expectations.
* On July 1, 2015 successfully completed a private placement (the "Private
Placement") and issued 15,412,269 new common shares for cash consideration
of $0.50 (GBP0.315 or NOK3.88) per share for total gross proceeds of $7.64
million (GBP4.9 million or NOK59.7 million).
Financial
* Drew $4.36 million of a credit facility to fund operator cash calls for
Mnazi Bay development expenditures. An amount totalling $5.16 million
remains undrawn on the credit facility at June 30, 2015.
* Net loss for the second quarter of $1.81 million, compared to a $1.36
million in 2014.
* Revenue for the quarter of $0.29 million, up 15% from Q2 2014.
* Second quarter exploration and development capital expenditures of $2.31
million and $7.04 million, respectively, compared to $3.69 million and $0.30
million, respectively, in 2014.
* Cash and cash equivalents on hand of $2.22 million at June 30, 2015 (prior
to receipt of the net proceeds from the Private Placement) compared with
$5.49 million on hand at December 31, 2014.
* Working capital was $5.77 million compared to $15.84 million at December
31, 2014.
Operational
Mnazi Bay Block, Tanzania
* Completed drilling of the MB-4 development well in the Mnazi Bay Concession.
MB-4 was drilled to a total depth of 2,788 meters penetrating the Miocene
gas reservoirs with net pay of 24 meters (Upper Mnazi Bay) and 43 meters
(Lower Mnazi Bay) for a total net pay of 67 meters.
* Continued construction of field infrastructure to connect the Mnazi Bay gas
fields to the new transnational government owned natural gas pipeline
project.
Rovuma Onshore Block, Mozambique
* Continued consultation with the Rovuma Onshore Block joint venture partners
on the potential appraisal of the Tembo-1 gas discovery.
Geoff Bury, Managing Director, commented:
"The recent successful equity raise completed on July 1 demonstrates confidence
in our long-term investment strategy in East Africa. These new funds further
secure the Company's balance sheet in advance of generating cash flow from
natural gas sales to the new government owned transnational pipeline in
Tanzania. The positive MB-4 development well results augment the independent
reserve estimates within our Mnazi Bay gas fields. With discussion in regards
to the payment guarantee agreement at an advanced stage, the Company looks
forward to bringing gas on stream in the weeks ahead. We wish to thank
shareholders for their continued support during this exciting period in the
Company's history."
-Ends-
Enquiries:
Wentworth Lance Mierendorf, lance.mierendorf(at)wentworthresources.com
Chief Financial +1 403 680 8773
Officer
Katherine Roe katherine.roe(at)wentworthresources.com
Head of Investor +44 7841 087 230
Relations &
Corporate
Communications
Swedbank First Broker(Norway) +47 23 23 80 00
Securities
Ove Gusevik
Jarand Lønne
Crux Kommunikasjon Investor Relations +47 995 138 91
Adviser
(Norway)
Jan Petter Stiff
Carl Bachke
Stifel Nicolaus AIM Nominated +44 (0) 20 7710 7600
Europe Limited Adviser and Broker
(UK)
Callum Stewart
Ashton Clanfield
FirstEnergy Broker (UK) +44 (0) 20 7448 0200
Capital
Travis Inlow
FTI Consulting Investor Relations + 44 (0) 20 3727 1000
Adviser (UK)
Edward Westropp
Tom Hufton
***
Financial Statements
The following primary statements have been extracted from the Q2 2015 unaudited
consolidated financial statements which are located on the Company's website at
www.wentworthresources.com.
WENTWORTH RESOURCES LIMITED
Unaudited Condensed Consolidated Interim Statement of Financial Position
United States $000s, unless otherwise stated
June 30, December 31,
2015 2014
---------------------------
ASSETS
Current assets
Cash and cash equivalents 2,224 5,487
Trade and other receivables 1,576 2,613
Prepayments, deposits and advances to partners 426 1,418
Current portion of long-term receivables 16,369 14,530
---------------------------
20,595 24,048
---------------------------
Non-current assets
Long-term receivables 20,647 19,472
Exploration and evaluation assets 43,052 33,762
Property, plant and equipment 94,502 85,035
---------------------------
158,201 138,269
---------------------------
Total assets 178,796 162,317
---------------------------
LIABILITIES
Current liabilities
Trade and other payables 13,825 8,204
Current portion of long-term loans 1,000 -
---------------------------
14,825 8,204
---------------------------
Non-current liabilities
Long-term loans 19,597 5,718
Contingent liability 2,175 2,271
Decommissioning provision 927 782
---------------------------
22,699 8,771
---------------------------
Equity
Share capital 404,225 404,225
Equity reserve 25,374 24,916
Accumulated deficit (288,327) (283,799)
---------------------------
141,272 145,342
---------------------------
Total liabilities and equity 178,796 162,317
---------------------------
WENTWORTH RESOURCES LIMITED
Unaudited Condensed Consolidated Interim Statement of Comprehensive Loss
United States $000s, unless otherwise stated
Quarter ended Six months ended
June 30, June 30,
2015 2014 2015 2014
----------------------------------------
Total revenue 292 253 564 489
Operating expenses
Production and operating (1,389) (800) (1,893) (1,172)
General and administrative (1,356) (1,490) (2,853) (3,299)
Share based compensation (152) (323) (458) (477)
Depreciation and depletion (122) (156) (228) (291)
Gain from sale of office assets - 32 - 55
----------------------------------------
Loss from operating activities (2,727) (2,484) (4,868) (4,695)
Finance income 1,387 1,411 2,694 3,051
Finance costs (472) (282) (2,354) (556)
----------------------------------------
Net loss and comprehensive loss (1,812) (1,355) (4,528) (2,200)
----------------------------------------
Net loss per ordinary share
Basic and diluted (US$/share) (0.01) (0.01) (0.03) (0.01)
----------------------------------------
WENTWORTH RESOURCES LIMITED
Unaudited Condensed Consolidated Interim Statement of Changes in Equity
United States $000s, unless otherwise stated
Number of Share Equity Accumulated Total
shares capital reserve deficit equity
$ $ $ $
--------------------------------------------------------------
Balance at 153,872,700 403,998 23,903 (299,076) 128,825
December
31, 2013
Net loss and - - - (2,200) (2,200)
comprehensive
loss
Share based - - 477 - 477
compensation
Issue of share 250,000 227 (77) - 150
capital
--------------------------------------------------------------
Balance at June 154,122,700 404,225 24,303 (301,276) 127,252
30, 2014
--------------------------------------------------------------
Balance at 154,122,700 404,225 24,916 (283,799) 145,342
December
31, 2014
Net loss and - - - (4,528) (4,528)
comprehensive
loss
Share based - - 458 - 458
compensation
--------------------------------------------------------------
Balance at June 154,122,700 404,225 25,374 (288,327) 141,272
30, 2015
--------------------------------------------------------------
WENTWORTH RESOURCES LIMITED
Unaudited Condensed Consolidated Interim Statement of Cash Flows
United States $000s, unless otherwise stated
Quarter ended Six months ended
June 30, June 30,
2015 2014 2015 2014
---------------------------------
Operating activities
Net income/(loss) for the period (1,812) (1,355) (4,528) (2,200)
Adjustments for:
Share based compensation 152 323 458 477
Depreciation and depletion 122 156 228 291
Finance loss, net (915) (1,129) (340) (2,495)
Gain from sale of office assets - (32) - (55)
Change in non-cash working capital 2,448 (3,898) 2,378 (3,916)
---------------------------------
Cash used in operating activities (5) (5,935) (1,804) (7,898)
---------------------------------
Investing activities
Additions to evaluation and exploration (2,306) (3,690) (9,290) (8,471)
assets
Additions to property, plant and equipment (7,042) (295) (9,612) (776)
Net (increase)/reduction in long-term (1,411) 91 (1,953) 192
receivable
Conversion of term deposits to cash - 8,838 - 19,163
Interest income - 35 - 75
Change in non-cash working capital 4,437 - 4,799 -
---------------------------------
Cash (used in)/provided by investing (6,322) 4,979 (16,056) 10,183
activities
---------------------------------
Financing activities
Issue of share capital - 150 - 150
Proceeds from long-term loans 4,359 - 14,839 -
Interest paid (242) (89) (242) (178)
Proceeds from sale of office assets - 32 - 55
---------------------------------
Cash provided by financing activities 4,117 93 14,597 27
---------------------------------
Net change in cash and cash equivalents (2,210) (863) (3,263) 2,312
Cash and cash equivalents, beginning of the 4,434 17,676 5,487 14,501
period
---------------------------------
Cash and cash equivalents, end of the period 2,224 16,813 2,224 16,813
---------------------------------
About Wentworth Resources
Wentworth Resources is a publicly traded (OSE:WRL, AIM:WRL), independent oil &
gas company with: natural gas production; midstream assets; and exploration and
appraisal opportunities; all in the Rovuma Delta Basin of coastal southern
Tanzania and northern Mozambique.
Cautionary note regarding forward-looking statements
This press release may contain certain forward-looking information. The words
"expect", "anticipate", believe", "estimate", "may", "will", "should", "intend",
"forecast", "plan", and similar expressions are used to identify forward looking
information.
The forward-looking statements contained in this press release are based on
management's beliefs, estimates and opinions on the date the statements are made
in light of management's experience, current conditions and expected future
development in the areas in which Wentworth is currently active and other
factors management believes are appropriate in the circumstances. Wentworth
undertakes no obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information, future events
or otherwise, unless required by applicable law.
Readers are cautioned not to place undue reliance on forward-looking
information. By their nature, forward-looking statements are subject to numerous
assumptions, risks and uncertainties that contribute to the possibility that the
predicted outcome will not occur, including some of which are beyond Wentworth's
control. These assumptions and risks include, but are not limited to: the risks
associated with the oil and gas industry in general such as operational risks in
exploration, development and production, delays or changes in plans with respect
to exploration or development projects or capital expenditures, the imprecision
of resource and reserve estimates, assumptions regarding the timing and costs
relating to production and development as well as the availability and price of
labour and equipment, volatility of and assumptions regarding commodity prices
and exchange rates, marketing and transportation risks, environmental risks,
competition, the ability to access sufficient capital from internal and external
sources and changes in applicable law. Additionally, there are economic,
political, social and other risks inherent in carrying on business in Tanzania
and Mozambique. There can be no assurance that forward-looking statements will
prove to be accurate as actual results and future events could vary or differ
materially from those anticipated in such statements. See Wentworth's
Management's Discussion and Analysis for the year ended December 31, 2014,
available on Wentworth's website, for further description of the risks and
uncertainties associated with Wentworth's business.
Notice
Neither the Oslo Stock Exchange nor the AIM Market of the London Stock Exchange
has reviewed this press release and neither accepts responsibility for the
adequacy or accuracy of this press release.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
150813 Press Release:
http://hugin.info/136496/R/1945282/705197.pdf
Q2 2015 MDA:
http://hugin.info/136496/R/1945282/705196.pdf
Q2 2015 Financial Statements:
http://hugin.info/136496/R/1945282/705193.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Wentworth Resources Limited via GlobeNewswire
[HUG#1945282]
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Datum: 13.08.2015 - 08:02 Uhr
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News-ID 413392
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